EpiCept Regains Rights to Azixa from Licensee Myrexis

EpiCept Corporation (Nasdaq OMX Stockholm Exchange and OTCQX:
EPCT) announced today it has received notice of termination,
effective as of August 28, 2012, of its License and Collaboration
Agreement with Myrexis, Inc. Among the compounds that had been
licensed to Myrexis under the terminated agreement was EpiCept's
anti-cancer drug candidate Azixa®.

Azixa® is a vascular disruption agent discovered
by EpiCept that has demonstrated potent anti-cancer activity.
Azixa® has received orphan drug status in the U.S.
for the treatment of glioblastoma multiforme (GBM).

In February 2012, Myrexis suspended development activities of
all its preclinical and clinical programs in oncology and
autoimmune diseases, and in May 2012 stated that it is focused on
the identification, evaluation and acquisition of appropriate
commercial-stage assets. Accordingly, Myrexis has elected to
terminate its efforts to develop and commercialize any product,
including Azixa®, in any major market as such
products and markets are defined in the License and Collaboration
agreement dated November 19, 2003. As a result of the termination
of the agreement, all rights and licenses granted under the
agreement by EpiCept to Myrexis have terminated and reverted to
EpiCept.

“We are pleased to regain rights to Azixa®
following suspension of development efforts by Myrexis last
September,” remarked Robert Cook, interim President and CEO
of EpiCept. “We will now seek to exploit
Azixa®'s potential with prospective
partners.”

Azixa® was the subject of a two-arm Phase 2b
trial in patients newly diagnosed with GBM initiated in December
2010, but not completed by Myrexis following its decision to
suspend development in September 2011.

EpiCept engaged SunTrust Robinson Humphrey in January 2012 to
assist in exploring strategic alternatives to maximize the
commercial opportunity of AmiKet™ for the treatment of
chemotherapy-induced peripheral neuropathy (CIPN) following
taxane-based therapy. The engagement is focused on the
identification and implementation of a strategy designed to
optimize AmiKet™'s value for the Company's stockholders,
which includes the evaluation of potential transactions involving
the sale of the Company. Azixa® has now been added
to the Company's portfolio of products available for partnering or
other development.

About EpiCept Corporation

EpiCept is focused on the development and commercialization of
pharmaceutical products for the treatment of pain and cancer. The
Company's pain portfolio includes AmiKet™, a prescription
topical analgesic cream in late-stage clinical development designed
to provide effective long-term relief of pain associated with
peripheral neuropathies. The Company's product
Ceplene®, when used concomitantly with low-dose
interleukin-2 (IL-2) is intended as remission maintenance therapy
in the treatment of acute myeloid leukemia (AML) for adult patients
who are in their first complete remission. The Company sold all of
its rights to Ceplene® in Europe and certain Pacific
Rim countries and a portion of its remaining
Ceplene® inventory to Meda AB.
Ceplene® is licensed to MegaPharm Ltd. to market and
sell in Israel and EpiCept has retained its rights to
Ceplene® in all other countries, including countries
in North and South America. The Company has other oncology drug
candidates in clinical development that were discovered using
in-house technology and have been shown to act as vascular
disruption agents in a variety of solid tumors.

Forward-Looking Statements

This news release and any oral statements made with respect to
the information contained in this news release contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements include statements which express plans, anticipation,
intent, contingency, goals, targets, future development and are
otherwise not statements of historical fact. These statements are
based on our current expectations and are subject to risks and
uncertainties that could cause actual results or developments to be
materially different from historical results or from any future
results expressed or implied by such forward-looking statements.
Factors that may cause actual results or developments to differ
materially include: the risks associated with the adequacy of our
existing cash resources and our ability to continue as a going
concern, the risks associated with our ability to continue to meet
our obligations under our existing debt agreements, the risk that
Azixa® will not receive regulatory approval or
achieve significant commercial success, the risk that clinical
trials for AmiKet™ or crolibulinTM will not be
successful, the risk that AmiKet™ or crolibulinTM
will not receive regulatory approval or achieve significant
commercial success, the risk that we will not be able to find a
partner to help conduct the Phase III trials for AmiKet™ on
attractive terms, a timely basis or at all, the risk that
Ceplene® will not receive regulatory approval or
marketing authorization in the United States or Canada, the risk
that Ceplene® will not achieve significant
commercial success, the risk that our other product candidates that
appeared promising in early research and clinical trials do not
demonstrate safety and/or efficacy in larger-scale or later-stage
clinical trials, the risk that we will not obtain approval to
market any of our product candidates, the risks associated with
dependence upon key personnel, the risks associated with reliance
on collaborative partners and others for further clinical trials,
development, manufacturing and commercialization of our product
candidates; the cost, delays and uncertainties associated with our
scientific research, product development, clinical trials and
regulatory approval process; our history of operating losses since
our inception; the highly competitive nature of our business; risks
associated with litigation; and risks associated with our ability
to protect our intellectual property. These factors and other
material risks are more fully discussed in our periodic reports,
including our reports on Forms 8-K, 10-Q and 10-K and other filings
with the U.S. Securities and Exchange Commission. You are urged to
carefully review and consider the disclosures found in our filings
which are available at
www.sec.gov or at
www.epicept.com. You are cautioned not to place undue reliance
on any forward-looking statements, any of which could turn out to
be wrong due to inaccurate assumptions, unknown risks or
uncertainties or other risk factors.